ONE TREND IS CLEAR CENTRAL TEXAS WILL CONTINUE TO GROW

ONE TREND IS CLEAR CENTRAL TEXAS WILL CONTINUE TO GROW

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Dorie Dillard was fortunate to be invited to an informative presentation sponsored by South Star Bank and Austin Title. Dorie says, she always like to hear Dr. Gaines take on the economy of Texas. He is the chief economist at the Real Estate Center at Texas A & M University and focuses on housing and land development issues. He is a voice of authority that makes sense and she considers it a privilege to listen to him on the current and projected Central Texas economy at a luncheon at the Austin Country Club on Tuesday October 4, 2016.

There is no question according to Dr.Gaines projections, one trend is clear...the Central Texas Region will continue to grow. It’s scary to see the numbers projected because it’s clear to Dorie that real estate and housing values will drive economic prosperity for the next several years.

The Global outlook is bleak. Europe, China, India, Russia and Latin American and South America all are slowing or in recession. The US is the safest place to put money. With foreign currency devaluating it’s making our dollar stronger and exports lower. Gas and oil prices continue to remain low and the political unrest continues and is escalating.

Meanwhile everyone’s moving to Austin because it’s a tech hub, an entrepreneurial Mecca and a music wonderland! According to a recent article in the Austin Statesman, Austin nabbed the #2 spot on “best places people are moving to” on the US News and World Report list. These are people actively choosing to live in Austin as well as Houston and San Antonio who made the top 10 list with Dallas ranking in the top 20 cities.

While all this hoopla is good press for Central Texas, their golden triangle of Dallas, San Antonio and Houston (Austin in the middle of it all) is not immune because as Dr. Gaines stressed there is uncertainty in the: Regulatory reserves, financial markets, political, employment, monetary policy negative interest rates, energy-oil & gas prices and goods producing to services – based on economy. Uncertainty generates Inaction!

According to Dr. Gaines the US is looking for a “Driver” for expansion! The US Outlook is plodding along and projects slow growth as the “new norm”, interest rates will rise, slowly...maybe, Inflation is not worrisome, industrial and manufacturing need a little help, US housing is improving but not recovered, unemployment rate below 5%. US is on idle!

How does this effect Central Texas? According to Dr. Gaines the Texas economy is slowing and 2017 could be affected due to: the energy sector downtown, Global recession, Texas job growth can’t keep up at the current pace, population expansion continues but will slow and local growth issues becoming more pressing causing greater strain on state and local resources. The population shift across the country to Texas is occurring because of jobs, weather and a more relaxed lifestyle. If there is not a national recession Texas will continue leading the nation in job growth and expansion but at a slower pace. We need time for our infrastructure to catch up with our population explosion. It is clear the trend will continue in expansion mode in Central Texas and particularly Austin.

Source


Alicia Duffy Headshot
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Phone: 214-682-5009
Dated: October 14th 2016
Views: 100
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